Rich Habits Podcast - 73: Building a 7-Figure Empire w/ Jaspreet Singh

Episode Date: July 15, 2024

In this episode of the Rich Habits Podcast, we sit down with entrepreneur and real estate mogul Jaspreet Singh. While Jaspreet is the CEO of Briefs Media, you might instead recognize him from his YouTube channel Minority Mindset. Jaspreet shares with us why it's important to work on the business and not in the business, how he began to grow his real estate empire, and his biggest lessons along the way. Here's Jaspreet's Instagram account and YouTube channel!---👉 Register for our free angel investing / pre-IPO investing webinar, Click Here! ---👉 Join over 43,000+ other investors who read the ⁠⁠Rich Habits Newsletter!⁠⁠ We're growing by +150 subscribers every day and can't wait for you to join us :)---👉 Skip the waitlist and invest in blue-chip art for the very first time by signing up for Masterworks: https://www.masterworks.art/richhabitsPurchase shares in great masterpieces from artists like Pablo Picasso, Banksy, Andy Warhol, and more.See important Masterworks disclosures: https://masterworks.com/cd👉 Track your net worth in real-time with Roi! You're able to track, trade, and grow your wealth with your existing accounts. Click Here! ⭐ Download our FREE Budgeting Template – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⭐ Earn 5.1% on your savings with a High-Yield Cash Account – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⭐ Trade stocks, options, music royalties and crypto on Public – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⭐ Get a $35 bonus when you start saving & investing with Acorns – ⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⭐ Automatically buy stock where you shop with Grifin – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⭐ Protect your family with term life insurance from Suriance – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⭐ Use code “Spotify” for 15% off our 4-module video course – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⭐ Optimize your portfolio with Seeking Alpha – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠---👤 Explore everything Austin does – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠👤 Explore everything Robert does – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠❓ Ask us questions for our Q&A episodes – @richhabitspodcast on Instagram📬 Inquire about working together – [e-mail]---Hankwitz Group LLC has an existing business relationship with NEOS Investment Management LLC. The opinions expressed are those of the author, and the author owns several NEOS ETFs.

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Find your advisor at IG Private Wealth.com. Hey everyone, Austin Hankwitz here. This week's episode of the Rich Habits podcast, we've got a very special guest, Jaspreet Singh, the guy behind the two million subscriber YouTube channel called Minority Mindset, joined us to talk all about working in the business versus working on your business, doubling down on what you know versus speculating, especially when it comes to real estate, as well as the biggest mistakes he's made as he's made millions of dollars throughout his career. It's a fun episode. We dive into a lot, a little bit of storytelling, a little bit of it's here and there, but we think you guys are going to like it.

It's kind of strange having a guest on where a lot of what he's talking about resonates from the trials and tribulations I've been through over the decades. Our listeners hear me tell all of these great stories of love and loss when it comes to these real estate deals and building businesses and really trying to teach people these nuggets that we talk about, how to work on your business and not in your business, where you should be focusing your time, how to be better at your job, and all the things in between. So I think this will be a good episode for people to hear it from another experienced person that's out there crushing it in real estate. And so I'm excited to see what this episode brings.

Let's jump into the episode. Hey, everyone, and welcome back to the Rich Habits podcast, a top 10 business podcast on Spotify. My name is Austin Hankwitz, and I'm joined by my co-host, Robert Croke. Robert is a seasoned entrepreneur in his 50s with lifetime revenues of over $300 million under his belt. and I'm an entrepreneur in my late 20s with a background in finance and economics. Since quitting my full-time job in corporate finance a few years ago, I built a seven-figure media business and I actively advise some of the most well-known fintech companies around the world. Now, as the show and they might suggest, every episode, we talk about rich habits as they

relate to business, finance, and mindset. However, we try and bring you two unique perspectives. One from an industry veteran, which is Robert and the other myself, someone who's still in the process of building wealth and figuring it all out. So, Robert, what are we going to be talking about in today's episode? Yes, in today's episode of The Rich Habits podcast, we are joined by Jaspreet Singh from the Minority Mindset YouTube channel, and I couldn't be more excited. His YouTube channel has nearly 2 million subscribers, and he uploads a personal finance-focused video nearly every single day. Jasprey is special.

He graduated from law school, quickly got into real estate, and is now an entrepreneur mostly in real estate, and his media, company both several employees with millions in lifetime revenue, and Jaspery to escape the rat race and built a life for himself, something we talk about all the time. So if you're an entrepreneur in the making, we think you're going to love this interview, especially if you're into real estate. So Jasprey, welcome to the show. Well, thank you for having me on. Thank you for that amazing introduction. I might have to steal that. It's really an honor to be here, so I'm excited to jump into this. So for those that are listening that don't know your story, give us the breakdown, how old are you, where do you live, and walk us through your entrepreneurial journey since graduating from

college? It might sound a little bit cooler than it is. I went to college thinking that I was going to be a doctor because I had very strict Indian immigrant parents who gave me two options as I was growing up. They said that I could either become a doctor or I could become a failure. During my time in college, I knew I wanted to be an entrepreneur because I was always involved in a lot of entrepreneurial hobbies. When I was in high school, I was working at Indian weddings. So I got to understand a little bit of the event planning space. Then when I got to college, I didn't know that people go to college to party. I thought that people went to college to study chemistry and physics. And I was blown away because I wasn't really into partying. And I didn't drink. So I needed something

to do on Friday nights. So I took my event planning knowledge and I started a party promotion business in college, which eventually became an event planning company. And I used the revenues from that to start investing in real estate when I was in college. Quickly realized, real estate is expensive and you need more money to buy more real estate. So I got my real estate salesperson's license when I was 20, my junior year in college. And then I started selling real estate as a broker. And then I graduated law school. And I never worked a day as an attorney.

Today, my full-time job is running a company called Briefs Media. And my hobby is making YouTube videos on the channel that you mentioned minority mindset. Yeah, the age-old saying is you don't know if you did life right until it's over. We have way better tools now to figure out strategies, what works the best, how to build well. When I came up 25, 30 years ago, you only knew the people around you because we didn't have all these amazing tools and podcast and everything from people to learn from that are much more intelligent and successful from us. And that's one of the best parts about what we get to do with the Rich Habits podcast is bringing people like you on to tell your story, get into some specifics so the audience can learn from it. and really make it digestible. So, Austin, do you want to go on to kind of the next part of this?

I think a lot of people listening are definitely on the entrepreneur side, right? They're entrepreneurial-focused. They want to grow a brand. They want to be something larger than themselves. And it seemed like you used what you learned from distribution on YouTube and social media to then launch a product. Walk me through sort of the step-by-step there. What was step one?

How did you know people even wanted this product? What is the product? How do you monetize the product today? And how have you been able to grow it into several employees of a business? Starting with the why, you have to know yourself. There are some people that are creators and they are excellent creators. That's the way that your mind works. Some people are more built as entrepreneurs.

And so I tried multiple things first. It didn't start with briefs media. The first thing I did was, well, I'm going to try to make minority minds and set a network. And I realized that that didn't work. Then the next thing was, okay, I want to build something that can continue to grow without me. So that was the initial mindset of like, I need to build something that can continue to run and operate, even if I'm not there. That I can fire myself and hire somebody to replace me. Then during the pandemic, it became apparently clear the financial news is important.

And prior to that, we were kind of testing things out with the financial news center. And it started with me needing resources to cover what's happening in the news. So I asked my team, can you give me a daily briefing on what's happening in the markets? In 2022, we then created market briefs, which became the first product of briefs media. The monetization came a little bit later. When most people started business, their first question is how do I make money? That was not the first question because I was financially okay. Once we started to grow, I was like, well, how can we monetize this thing?

So then we started selling advertisements in our newsletter. From there, we created some other products as well. Like we have our own app now called the briefs app. But it all started kind of with a little idea of how do we make the financial news more digestible? and then it just started to grow from there. I think what's really powerful, Robert, about Jasprey's story is how similar it is to how you think about business today, which is navigating the tightrope between working in the business versus working on the business and building something that is scalable, right?

I think a lot of entrepreneurs listening right now make the mistake of, and Robert says this all the time, signing themselves up for a job. To be an entrepreneur, you have to sign yourself up for a job. You have to work in the business for a little bit, but that should not be the end game for everybody, unless I mean, maybe you really love to work inside of your business. I think this conversation will hopefully, and kind of coming back to what the Rich Habits podcast is about, business, finance, and mindset will really begin to open the mindset of a lot of entrepreneurs listening right now around the idea of working in the business versus on the

business, especially right about this idea of do I make money immediately? Or do I focus then on the product being a incredible, product and let it grow organically as much as possible before I begin to monetize. Well, and I think it's important for everyone watching to understand that in entrepreneurship, it's not all rainbows and unicorns. And I tell people all the time, if you're not willing to work on a project for 18 months for zero dollars, don't be an entrepreneur. Because a lot of these startups and a lot of these projects, I have projects to this day that are two, three years old that I've never collected a penny on, yet I've got tens of thousands, if not hundreds of

thousands of dollars invested. And that's why it's tricky. And especially when you're thinking about real estate in general, so many people think that the real estate market is you're just investing in these properties and it just, the money goes up and up and up and you make all this money. And they don't realize that real estate in general is very illiquid. And it is a long-term game unless you're flipping properties. And that's an entirely different animal. So I think Jaspery, what I'd like to do, since, you know, a lot of your main focus is real estate is let's talk through tactically since you started at such a young age. How did you find the properties? What do you think the state of the market is right now?

And walk our listeners through, you know, what your thoughts are for someone that's just getting started or maybe someone that's really interested in building a larger portfolio like you've done. Where would you, where would you tell them to start? and then we can go into some of the deeper stuff as we go. Yeah, so I started investing in real estate in 2011. Now, in 2011, I was 19 years old. I had a little bit of money in the bank, and I knew zero things about real estate. I read Rich Dad, Poor Dad, and then I read a few other real estate investing books, and I was like, okay, I'm an expert, I'm ready to do this thing.

And so the first property that I purchased, it was a small condo, it was 1,000 square feet. It was one bedroom, one bath. It was listed on sale for $8,400. So I made an offer for $4,000. And the bank said, no, this is too little. Give us $7,000. So we went back and forth, but I bought it for $8,000. I put it, I think, $4,000 with the work in the property.

And then I listed it for rent for $600 a month. And that was my first tenant who paid $600 a month. That's how I got started. And then I started purchasing more properties from there. So when you say purchase more properties, are you still using a real estate agent at this time to help you find them? Are you using technology yet? And then when you purchase these properties, is, you know, something Robert and I talk about a lot is, you know, the 1% rule, right? Can you rent it

for at least that, you know, 1% of what you bought it for? What sort of ratios and mathematical formulas were you using back then to build your now real estate portfolio? After my first deal, I got my real estate salesperson's license. So I stopped working with realtors after my first deal. In terms of numbers in the beginning, I really didn't run that sophisticated of numbers because back then, everything was paying out 15 to 25% cash on cash returns. So it was really, really, no sophistication. Then as the housing market changed, they recovered, I had to become a little bit more sophisticated myself. And I had to decide what is a good return for me. So the model that I follow now is a 7% rule, a 7% cash on cash rule. So for every dollar that I invest, I want to see

7 cents of positive cash flow. That's the model that I follow. Where should our listeners be looking? And I don't mean geographically. I mean type of product, type of property. Where would you think the best opportunities are moving forward for someone that's just getting started in real estate, or maybe has one or two properties and wants to advance their portfolio and make it larger, where would you tell them they should be looking and how they should try to fund these projects? I think it's going to depend on where your knowledge base is. I got started in residential because that's what made sense to me, whether it was single family or apartments, and that's kind of where I've stuck.

It really depends on what you know and what you want to learn, because they're all different. I mean, retail can work in the right areas. One guy that I know, he's a contractor here, but he can invest in a lot of real estate. His market is rural real estate. And he's like, nobody else doesn't. But he's like, I understand this market because this is where I grew up. These are my people. I understand this market.

And he's making great money doing it. I think rural real estate is a great place to go right now just because so many people are downsizing. They want to get out of cities. They want to live in the country. You know, people are looking at more affordable housing. USDA loans are great right now. So I think that's a great way to look at the real estate market right now. But there's so many different ways, like you said, to find opportunity in real estate.

You know, and that's why I just like to explore the minds of other people doing what I do. You know, right now I just papered a 91-un unit mobile home park that we're going to get rid of all the mobile homes. It's going to be a tiny own community. and we're going to do lot rent with the property after we sell off the 91 homes. And I'm super excited about it because of where it's going to end up cash flow-wise and what the end value of that property is going to be. So I think it's just like any other type of investment. It's just all about your skill set and what you're looking to do

because the number one thing I see in real estate that people get wrong that are new is they listen to the fake gurus that tell them to buy single family homes and build their portfolio and quit their job, but they don't realize the average single family home in America probably only cash flows three or $400 a piece. So even if you own 10 of them, you can't quit your day job on $3,000 or $4,000 a month. And that's why it's like always good to see what other people are doing

because there's more than one way to build the best mouse trap. So Austin, what else do we have today for Jasprey to kind of dig into the mind of the real estate side of things? and where he's going. You know, I think the last thing that I'd want to know, Jasprey, both from a real estate perspective and from an entrepreneur perspective, what was the biggest mistake that you had made? Was it trusting people you shouldn't have trusted?

Was it, you know, getting too aggressive in real estate? What was the biggest mistake you've made? And what lesson did that teach you along the way now that's allowed you to be a successful entrepreneur? I think hiring the wrong people has been a big mistake. in both. And along with that, that would mean trusting the wrong people. And I've been that mistake with real estate and business. Hiring bad contractors cost me a lot of money, trying to find the cheap contractors, cheap property managers cost me a lot of money. Cheap accountants

cost me a lot of money. So I think going cheap, finding people that are not good at what they do can end up costing you 10 times more than how much you think you're saving by paying that fee. Yeah, that brings up the adage if it's good. It's not going to be cheap. cheap and if it's cheap it's not going to be good and it's not going to be fast if it's good and it's like that whole vicious circle of where do you go and i used to be that way i used to try and find the cheapest of everything and then i found out that i feel the best sweet spot is in the middle find someone that's good at what they do but fair with their pricing reasonable with their timelines and you'll get a better end result with a lot less headache and so so i definitely have been down that

road that you've been down as well. And I've been at this a lot longer than you. So we could spend hours talking about horror stories, but we don't want to put the listeners through that right now. Jaspery, thank you so much for hanging out with us on this week's episode of the Rich Habits podcast and walking everyone through, you know, the difference between working on the business, working in the business, you know, how do I make money immediately versus growing a new venture, you know, everything from the real estate. I mean, I've learned a lot from the episode, man. I really appreciate you taking the time to join us. I appreciate it. Thank you guys for having to be on. It was a lot of fun. It was great hanging out with you. Thanks, man. Talks.

Now, Robert, before we jump into the Q&A section of this week's episode, I've got something interesting to share with you. New data published by Deloitte has found that nearly 58% of wealth managers' clients consider their art collections as part of their overall estate planning strategy. And UBS recently released a report that nearly 40% of ultra-high net worth collectors are allocating 30% of their wealth to artwork. Yeah, I read that as well, and I guess it's a good thing that we've partnered with Masterworks, then, isn't it? We're not saying that any of you need to allocate 30% of your wealth to art investing,

of course, but we love, love, love diversification on this show, and Masterworks currently has over 950,000 users and nearly $1 billion in assets under management for a reason, because diversification into art makes sense. a lot of sense for a lot of people. And those stats are crazy. When I read that last week, I was blown away at the percentage of wealthy people and how much they were putting into fine art. Well, it doesn't just make sense for ordinary people. It makes sense for you and me, Robert, because we are both invested with Masterworks. And I've been a user of this platform now for many years. Since inception, they've had 23 exits, each of them individually delivering a profit to

their investors. Not counting works still in holding, they've distributed over $55 million in cash proceeds total back to their investors. Masterworks gives you the chance to invest in shares of multi-million dollar paintings by artists like Banksy, Bosquiat, and more. In honor of the relationship they have with Rich Habits, they're letting our subscribers skip the way list by going to Masterworks. Dot our front slash rich habits. That's Masterworks, dot art front slash rich habits which is also shown in the show notes of this episode as with any investment past performance is not indicative of future returns and investing does involve risk important regulation a disclosures can be found at masterworks.com front slash cd now if you're someone that's

listened to rich habits before you know robert and i have mentioned the idea of tracking your net worth plenty of times net worth isn't just a phrase for the ultra-well that you might see on the Forbes billionaire list, being real with yourself and assessing the total picture of your finances is critical for everyone. That even applies if you have a bunch of loans and your net worth is negative. That's right, Austin. And that's why we're really excited about one of the new partners of the Rich Habits podcast. It's called R-O-I, spelled R-O-I, and it's an all-in-one investing platform to track, trade, and grow your wealth with your existing accounts. It's the first app that lets you not only track your investments, but trade across all your existing accounts as well.

ROI supports more than 10,000 different accounts where you have your money or your investments. See, what's crazy about ROI is they let you track everything, Robert, and it's all in real time. So whether that's cash you have at a high-yield savings account, investments you have on public, real estate, crypto, loans, watches, bonds, equity you have in startup companies, collectibles, like the watch I know that you're going to wear here on your wrist in a little bit, Robert, or anything in between. ROI also provides an Insights dashboard to show you when your dividends are coming in next, and they also have a built-in portfolio that show the famous investors that we all know and love,

including Nancy Pelosi. So you get to see what she's buying and selling. So you can monitor or even copy her trades directly from within your existing brokerage account. We think you all are going to love ROI. And if you use the code habits, when you sign up, you can get your first month free. We've left a link to their site in the show notes, or you can visit them directly at getr-roi. app.

That's g-et-r-o-i-d-app. And make sure you use the code habits if you sign up. So our first question comes from Injoli G. And Jolie says, Hello, I'm an early listener, and I'm just starting to get into your podcast. However, it's been life-changing already. I'm coming into $30,000 from my grandpans,

and they're giving it to me right now for school. I have $10,000 in credit card debt. I know I should be investing into my education. I also want to invest in real estate, but I know I got to take care of this debt. Can you give me a play-by-play on what I should do, assuming this $30,000 I'm getting is coming to my bank account in cash? Thanks so much. Can't wait to hear what you guys have to say. Robert, what do you think about this question? I mean, I love the question and it always goes to the same place for me, start with the Roth, get the index funds, get some crypto going and get a nice little portfolio there, and then maybe look at public.com, get some money into that high yield cash account that they have. That's the playbook for me when someone's kind of just getting started and getting

that first injection of capital. But I'd like to hear your thoughts as far as what else is there for someone in this situation. And Jolie said she's got $10,000 of credit card debt. So I wouldn't even worry about investing any Roth, any anything until you pay off your credit card debt. We always talk about how you can't out-invest high-interest debt, if that's credit cards, auto loans, medical bills, personal loans, even the HELOC sometimes, depending on how high they get. If it's in the double digits, you should probably pay it off before you start investing. So in Jolly, I would definitely pay off the credit card debt first, assuming this is coming as cash. Now, also assuming, that your grandparents are giving you this money so that you can further your education,

I wonder what sort of other alternatives there might be there for you that allow you to continue to further your education without going further into debt. I'm not sure what your situation is, but you are $10,000 in credit card debt, which means you might have a spending problem. Maybe you're living in an apartment you can't afford or you're living in a part of a city that you're just not used to and you're spending a lot to be there. And so maybe there's a world where you could go to a community college, perhaps there's different in-state schools to explore, or even maybe take a gap year.

You mentioned in the Instagram DM you sent us that you are working part-time. So maybe there's a world where you could take a gap year, work full-time, save up a lot more money, where now when you go back to school that following year to study something that's definitely going to further your career, you will be coming from a place of, you know, liquid cash, authority, flexibility versus constraints and high interest debt. Because the last thing we want you to do is remain in high interest debt, still go to school and just have this interest pile and pile and pile while going

deeper and deeper into debt with your student loans. So that's, I think that's what I would do. I begin to think about other possibilities as it relates to building wealth. Because, you know, there's two sides of the equation with net worth. You have the debt and you have the assets. And so right now, you're about to get a $30,000 asset, which is great. It's going to help you wipe out $10,000 of your debt. But if you continue to go into more and more and more debt, like education, which isn't a bad thing to go into debt for, but do it responsibly is what we're trying to advocate for. Yeah, I love this answer and this takeaway. Just because we need to hammer home the message that the longer people are investing in their lives and the more time

they give compound interest to do its job, the better off they're going to be because so many people kick the can down the road and feel like investing starts at 40. And that's just a huge mistake. And that's why I'm glad so many of our listeners take notes and take action early, because the earlier you can begin investing and get it automated and get money moving for you, the better off you're going to be in the long run. So I love that takeaway, Austin. So our next question comes from Matt D. Matt says, I love your show.

I'm 22 years old and I just graduated college. I work for a travel baseball organization and I make about $55,000 a year after taxes. However, right now I'm living at home with my parents. So my expenses are really low. I'm saving 85% of my monthly income and I'm putting it all into a high-yield savings account, my personal brokerage account,

and my Roth IRA. At the moment, I've got about $10,000 save between the three of these, and I have a lot of momentum going for me, so I'm really excited. But here's my question. How much money do I need to save across these accounts before I should start house hacking with my fiancé in a duplex? And once I do that, what should this process look like after we move in together when it comes to finding a renter? Ooh, that's a good one, Robert. So I'm going to go right from Austin and I's playbook, and that is, in my first. my opinion, you should have $100,000 your base in invested capital across your index funds,

probably a little bit in high yield savings, definitely some cryptocurrency, and then have a separate portion that you're putting away to go towards that first real estate purchase so you can house hack. That's my goal is to see everyone have $100,000 invested, not into real estate that's making them money why they sleep, and then after they get to the 100K, then start looking for that first real estate property. And I love the fact that you're saying house hacking so you can get that duplex, triplex, or quadplex,

make sure you look into the Fannie Mae 5% low, and I think it's the best program out there for first-time buyers. And that's what I would do first just because I hate to see people that start out with real estate, and they save that $30,000, put it into a single family home, then they're starting over from zero with no invested capital. So that's the playbook I like the most, but I'd love to hear your take, Austin. No, I'm right there with you.

I think the biggest thing Matt needs to understand right now, well, there's two big things. The first one is he has a lot of time on his side. He's 22 years old. So the faster he gets tens of thousands of dollars invested into the stock market, the more millions he's going to have come 65, 70 years old in retirement, even sooner than that. But the other thing he has to understand, and this is probably the hardest one, honestly, your friends are going to make fun of you if you're living at home, and you just got to brush them off

and got to stay the course, man. You're going to have people say, ha, ha, whatever, this or that. But, like, dude, you are saving $45,000 a year after taxes. So just two years, two more short years of living with your parents, you keep your girlfriend around, maybe proposed by then, you're going to have $90,000 that you can then have invested in the index funds we talk about, V-O-O, VG-T, VTI, QQ, QQ, things like that. And that $90,000, if you don't touch it from 24 to 65, is going to be several million dollars in retirement after you account for inflation. So if I were you, I would do exactly that. I would stick at home for another, call it, 12, 18, 24 months, really get my tens of thousands, if not $100,000 invested into my Roth IRA, my personal brokerage account, have that $15,000, and a high-yield cash account and really build your base.

So when you do buy this duplex, you're not doing it from a place of vulnerability, right? I mean, real estate, we just heard from Jaspreet, you know, things go wrong in real estate. Robert knows that very well. Anytime you buy a duplex, a single family home, any type of real estate, something's going to break, something's going to go wrong. And if you don't have that $10, $15, $20,000 of savings to help cushion those ups and downs of owning that property, you know, this purchase is going to be a curse and not a blessing. And so to your point of we want to buy this duplex so that we can rent out the other side, Robert, do you have any perspective on how he could find some renters, how he should drop a contract, what he should be charging from a rent perspective? Yeah, it's really, really easy.

You're going to be able to find a lease agreement online that you can adapt. You can get them all over the place. You can get them at Rocket Mortgage. You can get them in all kinds of different apps that you can get online. Finding the tenant is going to be really easy. but even if it is a family friend or a friend of someone you know, make sure you charge accordingly of what the comps, the comparable prices are in the area

and have a contract with them because friends can become enemies real quick because you don't know what their living habits are like and you want to make sure you're protected. So make sure you have really good paperwork in this instance because it's a great time to be a landlord because we have so many incredible tools. And I want to add one more thing in

before we move on. There's really only two phrases, four words that matter for the youth of our audience, the younger investors and entrepreneurs out there. And that is compound interest, those two words, and delayed gratification. If you can master those two things, you will be wealthy beyond what you ever thought you could be by just learning to master those two items. I couldn't have said it better myself. I think, you know, we actually say this all this time, Robert, wealth equals intentionality and discipline. If you are intentional with your money and you are disciplined with how intentional you are, wealth and building wealth is inevitable. Yep.

Our last question comes from Oliver. Oliver says, we're a couple in our early 40s and we've done a really good job we think of building our base. We have $160,000 in a brokerage account with all the ETFs you talk about. I've got half a million dollars in my 401k, and my wife has about 250,000 in hers. We have 40K in a HSA, 80,000 in a Roth IRA, and we are investing in a 529 account for our children that has $30,000 into it. We own a single family home, which has an interest rate of 3%, congratulations, and we only have $100,000 left on our mortgage. Last year, we bought a rental property, and it's going great so far. So here's my question.

should I get a bigger primary residence and put my current home out for rent, which will probably rent about $3,000 and my new mortgage will be about $6,000, so it will cut my mortgage in half, assuming I can cash flow that, or should I just go out and buy another investment property? I'll kick this one off, Robert. Oliver, I think it comes down to what you believe is best for you and your family. If you think that getting a new primary home is going to make you guys happier, if that means a new neighborhood, a new school district. Your kids are five and nine, you mentioned here. Maybe that means being closer to their grandparents so they can watch them. Like, there's a lot of

different things outside of money that come into the equation when it comes to buying a primary residence. So what I would do is I'd reflect upon some of those variables and characteristics and make a decision based on that, not based upon am I going to make an extra $3,000 a month with this rental property? Because how I think about it is you guys are in your 40s and you're probably net worth millionaires. I mean, you guys are crushing it. Half a million in this 401k, a quarter million in this one, 80K over here, 30K over here, 150K over here. I mean, money is not something that you guys are, you know, irresponsible with. So if I were you, I mean, it seems like the last 20 years of your life, you guys have been

really focused on building a, you know, a nest egg and building your net worth up. Now it's time to enjoy some of that, right? Maybe it's time to go get that primary house that you think is going to make your life easier, more fun, and just a lot more enjoyable versus, oh, I'm going to move so I can make this rent and try and buy this and do this or do that, right? It would be a different answer if you guys were actually trying to build wealth, but you guys seem to already have done that. I think that's a great takeaway, and yes, they are crushing it, but as I said in the prior question, delayed gratification. You've done a great job to get here. In my opinion, I would keep putting off that dream home just a little bit longer, get some more money saved, get yourself

a little bit further along to where you truly are set and understand what your freedom number is and how to get to it, then I would look at going into the next size house. But because you've crushed it, if you want to reward yourself with the larger home now, go for it. You're obviously good with your money. You're obviously smart at investing and you've gotten yourself to this point without our help. And so I think it's in either way, if you feel the lifestyle happiness increases exponentially with this new home, go for it. But don't feel the pressure to do it because at the end of the day, it kind of reminds me of the millionaire next door book, where you're just crushing it in silence, you've got your modest home, everything is going well. And you want to make sure that you

always, always keep in consideration of worrying about what is best for your future and not the perception of your future by your neighbors. So I think either way works for you guys. Congratulations on what you've done. And really thanks for submitting the question. We'd love to see our followers really crushing it and sharing the ups and downs of all of their situations so we can help bring value. Everyone, thank you so much for tuning in to this week's episode of the Rich Habits Don't forget on August 8 at 4 p.m. Eastern Time, we are hosting another webinar all about angel investing and investing into the pre-IPO companies. Everyone's talking about, okay, I've built my base. I'm very diversify. I want something sexy. I want something fun. I want something that's

going to get me excited, right? I want to invest to the next Uber or SpaceX or whatever else. We're going to teach you how. We're going to show you the investments we've made. We're going to show you the investments. We didn't make, talking to you, Robert. and we're also going to be talking about different ways that you can invest alongside of us in our next pre-IPO and angel investments, right? So join us there. There's going to be a link in the show notes below to do that. We're already a couple hundred of you that have signed up. And a lot of people in the chat here that are already really excited. We've got Norma. We've got Eileen. We've got Hilton. We've got Jorge. We've got Paige and Jonathan. I mean, we're going to have such a good time, Robert.

And thank you all each and every week for following along with the Rich Habits podcast. We're so excited for everything we're building for the community. We have such great news coming up in the few weeks ahead. And just always remember if you enjoy the podcast and you love the value we bring each and every week, share it with a friend, give us those five-star reviews and keep us at the top of the charts. That's how you can help us for all the hard work we put in each and every week for all of you. Thank you again and see you soon. Thanks, everyone. Have a great start to your week. Before you knew what a stock was, you traded snacks, cards, turns. That instinct to trade didn't disappear.

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